 ▲ Bitcoin (BTC), Ethereum (ETH), XRP, and U.S. Dollar (USD) / ChatGPT-generated image |
Approximately $358 million in forced liquidations occurred across the broader cryptocurrency market, leaving investors who had bet on price increases facing heavy losses and panic.
According to cryptocurrency media outlet U.Today on March 2 (local time), heightened volatility over the past 24 hours led to the liquidation of positions totaling $358 million. In particular, as the price of XRP trended downward, traders maintaining long positions experienced mounting losses. CoinGlass data showed that $4.44 million was wiped out from XRP long positions alone, with total XRP liquidations reaching $6.06 million, including $1.62 million in short liquidations.
XRP recently slid from $1.40 to $1.34, continuing its unstable movement. As of the time of writing, XRP is trading near $1.35, but trading volume has plunged 36.28% to $2.72 billion, weakening momentum for a rebound. Amid overall market weakness and selling pressure, reclaiming the $1.50 level appears difficult in the near term. If the $1.13 support level collapses, losses could deepen further.
Market leaders Bitcoin (BTC) and Ethereum (ETH) also failed to escape the wave of liquidations. Bitcoin long positions saw $124.76 million liquidated, while Ethereum recorded $49.31 million in forced long liquidations, jolting the market. Major altcoins such as Solana (SOL) and Pepe (PEPE) also suffered steep declines, posting long-position losses of $21.56 million and $1.17 million, respectively.
Pessimistic forecasts have also emerged, suggesting that if XRP falls below the lower band of the Bollinger Bands technical indicator, its value against Bitcoin could plunge by more than 50%. In February, XRP bulls experienced a historic liquidation imbalance of 1,058%, alongside a 7.23% price drop. Signs of a similar downward pattern repeating in March have led to a mixed market sentiment, with profit-taking and stop-loss selling intertwined as investors seek to protect their assets.
The cryptocurrency market is currently passing through a technical correction phase amid the absence of large-scale liquidity injections or strong positive catalysts. Analysts say that for XRP to rebound successfully, it must secure a position above the $1.40 level and see renewed inflows from institutional investors. Investors are closely monitoring real-time liquidation data and key support levels while bracing for additional volatility ahead.
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